In today’s briefing:
- Kokusai Electric IPO: Lower Price Range Is Reasonable
- Thai Credit Bank Pre-IPO – The Negatives – Although NPLs Are Rising, and Market Seems Fragmented
- J&T Global Express Pre-IPO – Thoughts on Valuation
Kokusai Electric IPO: Lower Price Range Is Reasonable
- Kokusai Electric (6525 JP) has trimmed its IPO price from JPY1,890 to JPY1,830-1,840 per share to raise up to US$727 million. The IPO price will be determined on 16 October.
- We previously discussed the IPO in Kokusai Electric IPO: The Bull Case, Kokusai Electric IPO: The Bear Case and Kokusai Electric IPO: Valuation Insights.
- Our base-case DCF valuation is JPY2,058 per share. Peers have modestly re-rated, and a lower IPO price range helps increase the IPO’s attractiveness.
Thai Credit Bank Pre-IPO – The Negatives – Although NPLs Are Rising, and Market Seems Fragmented
- Thai Credit Bank PCL (3674238Z TB) is looking to raise US$300m from its upcoming Thailand IPO via selling a mix of primary and secondary shares in its Thailand IPO.
- TCB is a commercial bank that focuses on providing business loans to small and medium-size enterprises (SMEs), nano loans and micro credits to merchants, and home loans for individual customers.
- In this note, we will talk about the not so positive aspects of the deal.
J&T Global Express Pre-IPO – Thoughts on Valuation
- J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
- We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.
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